Put Social Security taxes to work

Have you passed the Social Security wage base of $106,800 for 2009? Once you do, you save 6.2% in Social Security tax on every dollar of wages.

Instead of pocketing the cash, you might allocate at least part of it to a 401(k) or other retirement plan. Alternatively, you might siphon off more dollars to income tax withholding. This reduces the income tax you owe for ‘09 without any pain. It could even create a refund!

Tomorrow's Training:

Your employee handbook can be an invaluable organizational tool … or an employment lawsuit waiting to happen. And in recent years, Congress and state legislatures have been busy enacting laws that directly affect your employee handbook. If you haven't kept up, you could find yourself in court....Click here to find out more.